The digital asset is capitalizing on an improvement in investor sentiment by getting carried away by the Russia-Ukraine talks and recent positive market news.
This Thursday, Ukraine legalized Bitcoin and other cryptocurrencies, for which cryptocurrencies are dyed green and their capitalization amounts to 1.8 trillion dollars, ignoring the Federal Reserve (Fed) rate hike.
Some nerves were seen ahead of the US central bank’s monetary policy meeting, says Craig Erlam, an analyst at Oanda, and bitcoin ran into resistance at $42,000. The highs for the day on March 16 were located at $41,500, according to data from CoinMarketCap, but the close managed to fix above $41,000 for the first time since March 9, which sends good feelings to analysts. The daily trading volume is $34,000.
And while the resistance to overcome is at $42,000 for $45,000-$46,000 to be brought back into play, a strong support level at $38,000 has been proving to be very solid and has supported bitcoin during its recent falls, although it has eroded on several occasions and analysts do not rule out that the $37,000 may be put to the test.
Ukraine legalizes cryptocurrencies
The cryptocurrency bill was initially introduced by the Ukrainian Parliament, Verkhovna Rada, on February 17, a week before the Russian invasion. The law legalizes the virtual asset market in the countrywhich will be regulated by the National Securities and Exchange Commission and the National Bank of Ukraine.
Based on the signed conditions, the law defines the legal status, classification and ownership of virtual assets. It allows crypto exchanges to legally register and work in the country under the regulatory framework of Ukrainian government bodies. What’s more, Banks will be allowed to open accounts for crypto companies to organize operationsdeclared the Ministry of Digital Transformation in a tweet.
In addition, the law also encourages the application of financial control measures for virtual assets, including cryptocurrencies. The Ministry of Finance of Ukraine will introduce and amend the Tax and Civil Codes of Ukraine in order to prepare a full-fledged virtual asset market.
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Source: Ambito
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